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The Commissioner of Banks ("Commissioner") is charged with the administration of Massachusetts General Laws chapter 255E, and applicable regulations found at 209 CMR 42.00 et seq., relating to the licensing of mortgage lenders and mortgage brokers; and Massachusetts General Laws chapter 255F and applicable regulations found at 209 CMR 41.00 et seq., relating to the licensing of mortgage loan originators.
Pursuant to the authority granted by Massachusetts General Laws chapter 255E and Massachusetts General Laws Chapter 255F, the Commissioner has investigated the activities of Jon Howard Sicco ("Jon Sicco"), with a mailing address of 8 Thomas Dr
Chelmsford, MA 01824 to determine if Jon Sicco, either acting individually and/or on behalf of Security National Mortgage Company ("Security National"), has engaged in the business of, and continuing to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E, and Massachusetts General Laws chapter 255F. Based upon such investigation, the Division hereby issues the following CEASE DIRECTIVE ("Directive") as a result of the findings alleged herein.
A. FINDINGS OF FACT
I. Unlicensed Activity
No person shall act as a mortgage broker or mortgage lender with respect to residential property unless first obtaining a license from the commissioner.
No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner or is exempt from the licensure requirement ... No person shall knowingly employ or retain a mortgage loan originator unless the mortgage loan originator is licensed under this chapter or is exempt from the licensure requirements.
A person who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan.
II. Substantial Non-Compliance with the Terms of a Consent Order
Immediately upon the execution of this Consent Order, Jon Sicco will refrain from negotiating, soliciting, arranging, providing or accepting any Massachusetts residential mortgage loan application, or assisting any consumer in completing such application, or otherwise operate as a mortgage loan originator, as that term is defined under General Laws chapter 255F, section 1.
Failure to comply with the terms of this Consent Order shall constitute grounds for the denial of any future license application submitted to the Division.
B. CEASE DIRECTIVE
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 19th day of July, 2012
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts